Why Did Egyptian Banks Regulate Spending Abroad? ...Egypt

Photo via Council on Foreign Relations I am standing in front of the cashier at an electronics chain store in Dubai, with my Egyptian credit card in one hand and a new iPhone in the other. I place my credit card in the point-of-sale (POS) machine, and as I wait for the transaction to be approved so I can leave the store with my new iPhone, the words “exceeds limit” appear on the machine’s screen. I recalculate the cost of the mobile phone in Egyptian pounds, and it does not exceed my credit card limit. I am confused. As soon as I call the bank to understand the situation, I am told that new rules have been implemented by Egyptian banks for spending — in-person and online — and cash withdrawa

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